Financial Results : Maharah 2020 net profit declines 35% to SAR 177.3 mln

Maharah 2020 net profit declines 35% to SAR 177.3 mln

08/03/2021 Argaam Exclusive

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Maharah Human Resources Co.'s net profit after Zakat and tax declined 35% to SAR 177.3 million in 2020 from SAR 272.1 million in 2019.



Financials (M)

Item 2019 2020 Change‬
Revenues 1,512.30 1,416.36 (6.3 %)
Gross Income 379.81 262.69 (30.8 %)
Operating Income 303.93 183.03 (39.8 %)
Net Income 272.09 177.32 (34.8 %)
Average Shares 475.00 475.00 -
Earnings Per Share before unusual items (Riyals) 0.57 0.37 (34.4 %)
EPS (Riyal) 0.57 0.37 (34.8 %)

The company attributed the profit decline to a 6% drop in revenue due to the decrease in the average number of resources, the effects of the COVID-19 pandemic, and precautionary measures taken by the government.

 

The company also cited 30% decline in gross profit and 37% rise in marketing expenses for the drop in earnings.

 

However, general and administrative expenses decreased by 9%.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 385.83 332.04 (13.9 %)
Gross Income 106.84 46.98 (56.0 %)
Operating Income 85.20 21.35 (74.9 %)
Net Income 65.95 22.53 (65.8 %)
Average Shares 475.00 475.00 -
Earnings Per Share before unusual items (Riyal) 0.14 0.05 (65.8 %)
EPS (Riyal) 0.14 0.05 (65.8 %)

In Q4 2020, the company’s net profit after Zakat and tax decreased by 66% year-on-year (YoY) to SAR 22.5 million.

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